In case you haven't heard about Bitcoin

Posted on 07 September 2014 at 13:17

In case you haven't heard about Bitcoin and digital currency yet, time to wake up and smell the coffee. In only few short years , Bitcoin has generated a market value in the billions and is gaining traction in every country in the world. People ask why should this currency' deserve the spotlight? How is it different from any paper-based currency we use today? And the grand question everyone is asking , What will the value be tomorrow?

The market has generated some myths and fallacies that we address in this article in an effort to provide you with a little more insight into Bitcoin and digital currencies, why they exist and where they are going.

First question is, what is Bitcoin? It is a peer to peer string of values that can be stored and is designed to be used for trading in exchange for goods and services. More technically, it is a hash code based on the strongest encryption available where the record is kept transparently, securely and anonymously with redundancy throughout the Internet. The blockchain' is the source of bitcoin and the store of transactions that occur in the Bitcoin world.

This blockchain is processed or mined to match transactions and when new Bitcoin are discovered, they delivered to the miner that processed them. Private and public pools collectively mine for Bitcoin and these pools make up the majority of the petaflops currently being hashed which is devouring the network in search of (string values to match.

So, you don't know anything about mining, you are not technical, you know nothing about blockchains' or hashing' or you have no clue where to start to collect Bitcoin. Maybe you do understand Bitcoin, digital currencies and how it works but still need assistance with developing a plan to earn Bitcoin. There are multiple resources where you can find information on how to start earning Bitcoin. The best we have found so far is but do your research as there are a lot of websites being developed devoted to Bitcoin.

Here is a short video from bitboxy detailing the basics of Bitcoin Make sure you research and understand where you should start. If you are already conducting business in Bitcoin, there are plenty of ways to improve and become more efficient.